Low Income Housing Tax Credits & Preservation in New York, 2018

New York City's 2018 Qualified Allocation Plan offers potential competitive scoring advantages for Preservation Projects. 

Point Incentives

Preservation Projects - Projects that preserve existing affordable housing that either are:

a)acquired through the City of New York's Third Party Transfer Program (TPT) or Multifamily Preservation Loan Program (MPLP);

b) physically and/or financially distressed; c) properties with government-assisted regulated housing with use restrictions expiring in less than 10 years, or

d)HUD-assisted 202 projects. (4 points)

Thresholds

Capital Needs Assessment - "standalone" rehabilitation projects must submit a Capital NeedsAssessment to show adequate capital needs.

Basis Boost

30% Basis Boost - The Code provides that all projects located in a HUD-defined QCT or in a Difficult Development Area (DDA) are eligible for up to a 30% increase in basis. HUD has designated only certain zip codes in New York City as a DDA. However, the Code also allows allocating agencies to designate areas within their jurisdiction as DDA's. HPD has designated all five boroughs in New York City as a DDA. Therefore, all 9% projects in New York City will be eligible for the basis boost. (4% projects are only eligible for the basis boost if they are located in a HUD-defined QCT or DDA.)

Contributed By: 
National Housing Trust